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Tenants contents insurance

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  • 04-01-2014 1:08pm
    #1
    Chattastrophe!
    Closed Accounts Posts: 3,284 ✭✭✭


    I'm looking into getting tenants contents insurance for the first time, and have a couple of questions.

    What basis is used for the valuation of the items? E.g. if an item cost me €1,000.00, but resale value at time of loss would only be €600.00, what amount would be paid in the case of a claim?

    Has anyone any practical experience of making a claim, and if so what was the procedure? I was told you don't need receipts etc - is it literally a case that you put together a list of all your belongings and the cost to replace? And can you literally include everything - including clothes etc? (E.g. in the case of a fire where everything is destroyed.)

    I would assume that our landlord has house insurance - however I don't know this for a fact - if they didn't, would it have any impact on our contents insurance in the case of a claim?

    Can anyone recommend any particular insurer? And are there any particular issues I should look out for when requesting quotes?

    Thanks!


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    #2
    Paulw
    Moderators, Society & Culture Moderators Posts: 13,381 Mod ✭✭✭✭Paulw


    Normally your insurance is to cover x value of contents, unless items are over a certain value and need to be specified. So, contents of €20k and maybe a laptop worth €1,500. No receipt for the goods are required.

    The building insurance (or lack of) won't have any impact, because you can only insure goods that you have an insurable interest in (ie things you own).

    Shop around a few brokers to get quotes.


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    #3
    Chattastrophe!
    Closed Accounts Posts: 3,284 ✭✭✭Chattastrophe!


    Does anyone have an answer re. the amount paid out in the case of a claim? Cost value or do they take depreciation into account?

    Thanks!


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    #4
    kkelliher
    Moderators, Home & Garden Moderators Posts: 1,583 Mod ✭✭✭✭kkelliher


    If your insure an item for €1000 and its replacement value at the time of a claim is €600, you get the €600 less any excess applicable.

    If your house burns to the ground and you are claiming for everything you must have receipts in order to get the best return. For example if you have a high end tv worth €2000 and it simply disappears in a fire, an insurance company cannot confirm the make or model of the tv and therefore they will simply offer you an average tv. If you have a receipt you can confirm what tv you had. This applies to items across the board and is also very applicable in a theft situation where an item has beins stolen. Again how do you confirm what the item was without a picture or receipt.

    In respect to a tenant situation you only insure your belongings, landlord is reaponsible for his (including the building)

    all insurers offer tenant insurance


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    #5
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Chattastrophe! wrote: »
    Does anyone have an answer re. the amount paid out in the case of a claim? Cost value or do they take depreciation into account?

    Thanks!

    Some policies replace like with like, some give you a discounted value of the item, other policies replace damaged/broken/stolen with new. It depends. Different policies from different companies have different options associated with them.


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    #6
    Victor
    Registered Users Posts: 78,294 ✭✭✭✭Victor


    You might get a better insurance-orientated answer in the Banking & Insurance & Pensions forum.

    It is the replacement cost at the time you take out the policy that matters when you are calculating the insured total. You will typically be paid the replacement cost at the time of loss. It will depend on the details of the policy as to whether you will get new for old, etc.

    So, if you have a new-release games console, a 8 year old PC, a 5 year old 3-piece suite and set of antique books. They are all burnt to ashes, the likely scenario would be:
    * new-release games console - you would get the cost of replacing it now, this might be substantially less then you paid for it only a few months ago.
    * a 8 year old PC - they will likely take the attitude that this is practically scrap metal and only pay part / pay for a minimum specification machine similar to the specification of the original.
    * a 5 year old a 3-piece suite - such things tend to last a long time and you would likely get the full price of a replacement now.
    * set of antique books - you would have had to specifically declare this when taking out / renewing the policy, possibly providing exact details and a valuation. You would be paid the replacement cost now, if the same books are available in the same (substantial) condition. Otherwise there might be haggling and discussion with expert witnesses like antique dealers.


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